Local share prices continued to fall amid uncertainties after Monday’s polls.
The PSEi lost 85.07 points or 1.27 percent to close at 6,634.86 as Holding Firms led the retreat although the Services and Mining and Oil counters bucked the trend. A total of 1.92 billion shares worth P6.64 billion changed hands as losers edged out gainers 103 to 97 with 48 unchanged.
“Philippine shares slipped ahead of first quarter GDP tomorrow and the US CPI reading scheduled tonight,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Our house call is year-on-year growth of 7.0 percent, while the Bloomberg consensus is +6.8 percent. We attribute the expansion in output to favorable base effects and election spending, but surging inflation during the period could have weighed on growth momentum.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its decline as investors continued to deal with election related uncertainties.”
He noted that, “Investors traded cautiously while waiting for clues on the incoming administration’s economic policies, primarily those pertaining to a sustainable economic recovery, inflation, labor market loopholes, and the country’s fiscal position.”